When Aggregate Demand Shifts Left Along the Short-Run Aggregate Supply

question 37

Multiple Choice

When aggregate demand shifts left along the short-run aggregate supply curve,

• A)unemployment and prices rise.
• B)unemployment rises and prices fall.
• C)unemployment falls and prices rise.
• D)unemployment and prices fall.

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Definitions:

Bottom-up Change

A change strategy where ideas and initiatives originate from lower-level employees and move upward through the organizational hierarchy.

Top-down Change

What occurs when change initiatives come from senior management.

Incremental Change

Gradual, step-by-step modifications or improvements made to processes, systems, or products over time, rather than dramatic or radical transformations.

Outside-in Change

An approach to change management that starts with external market or environmental sentiments and trends, then works inward to adjust organizational strategies, structures, and processes.